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SOARR and SMFL partner to provide vehicle leasing solutions

Sept. 9, 2022
While shops and fleets wait for backlogged orders, they can lease used vehicles at adjusted rates until their assets arrive.

With shops and fleets working to overcome supply chain issues for parts and vehicles and a historic backlog in trailers across the nation, Sumitomo Mitsui Finance and Leasing (SMFL) and Interstate Online Software Inc. (SOARR) partnered to offer a temporary solution to shortages. Together, SMFL and SOARR launched an online inventory remarketing website to help fleets meet demand while waiting on new asset orders.

The new website provides fleets with the opportunity to lease, and, if necessary, eventually buy, used equipment in a variety of categories, including sleeper trucks, day cabs, vocational trucks, box trucks, and trailers. The site will also provide real-time updates on availability for equipment, as well as provide differing purchase options depending on whether clients wish to return or keep their vehicles after the leasing period. This allows fleets currently waiting on truck orders the ability to keep up with growing demand, and then switch out the leased vehicle for the purchased one to maximize overall uptime.

“We are very excited to partner with SOARR on this strategic project. We go live September 1, 2022 and look forward to all of the efficiencies this will drive within our organization,” said Kevin McLaughlin, executive director, asset management for SMFL.

As SMFL’s first U.S.-based inventory website, the remarketing platform offers three leasing options to suit client needs:

  • Capital leases and installment payments provide clients tailored lease agreements based on how long they need their equipment, followed by installment sales if needed.
  • FMV leases, also known as operating leases, bases a lease payment on the value of the equipment minus its worth at the end of the lease term, allowing for lower payments.
  • Terminal Rental Adjustment Clause (TRAC) leases are U.S.-based leases specifically for vehicles and trucks, which allows for fleets to rent an asset with a final adjustment when they buy the vehicle at the end of its lease term.

“The team at SOARR is looking forward to supporting SMFL with the management and promotion of used assets,” said Ethan Nadolson, president/ CEO of SOARR.

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Fleet Maintenance staff

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